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Evolus
(NASDAQ:EOLS)
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Rating:50Neutral
Price Target:
$8.50
▲(42.14% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak financial fundamentals—negative equity, rising debt, and ongoing cash burn—despite strong gross margins and improving losses. The latest earnings call adds meaningful support via raised guidance and continued positive adjusted EBITDA, while technicals are neutral and valuation is constrained by negative earnings and no dividend.
Positive Factors
Revenue Scale and Gross Margins
Revenue has grown from $99.7M in 2021 to $316.5M TTM, while gross margin remains about 67%. This indicates meaningful commercial scale and strong product economics that can support future operating leverage.
Negative Factors
Negative Equity and Rising Debt
Negative equity and steadily rising debt constrain financial flexibility and increase dependence on financing. This weak capitalization leaves less room to absorb execution setbacks or fund expansion without added financial pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale and Gross Margins
Revenue has grown from $99.7M in 2021 to $316.5M TTM, while gross margin remains about 67%. This indicates meaningful commercial scale and strong product economics that can support future operating leverage.
Read all positive factors
Evolus (EOLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$551.52M
Dividend YieldN/A
Average Volume (3M)756.56K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth13.87%
EPS Growth45.83%
CountryUS
Employees350
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.52
Shares Outstanding66,050,440
10 Day Avg. Volume763,153
30 Day Avg. Volume756,558
Financial Highlights & Ratios
PEG Ratio6.73
Price to Book (P/B)-18.55
Price to Sales (P/S)1.44
P/FCF Ratio-8.45
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.00Price Target Upside150.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$333.84M
Evolus Business Overview & Revenue Model
Company Description
Evolus, Inc. is a performance beauty enterprise that furnishes the United States market with medical aesthetic solutions for healthcare professionals and their patients. A key product in its portfolio is Jeuveau, a proprietary 900 kilodalton purif...
How the Company Makes Money
Evolus generates revenue primarily from selling Jeuveau to customers in the aesthetics channel (e.g., dermatologists, plastic surgeons, medical spas, and other physician practices) that purchase the product for in-office treatment of patients. Rev...
Evolus Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call communicated clear operational momentum: double-digit top-line growth (21% in Q2, 14% year-to-date), third consecutive quarter of positive adjusted EBITDA, expanded international presence, new strategic licensing (ProFuelo) and an upwardly revised full-year revenue and margin outlook. These positives were tempered by sequential increases in operating expenses, modest absolute adjusted EBITDA, a decline in cash versus the prior quarter and ongoing tariff uncertainty that requires inventory repositioning. Given the company’s raised guidance, profitable growth trajectory, and strategic partnerships that expand the product portfolio, the highlights materially outweigh the lowlights.Positive Updates
Strong Q2 Revenue Growth
Global net revenue of $84.1 million in Q2, up 21% year-over-year, driven by diversified portfolio performance.
Negative Updates
Sequential Increase in Operating Expenses
GAAP operating expenses rose to $61.7 million in Q2 from $55.7 million in Q1 (≈+10.8% sequentially); non-GAAP operating expenses increased to $53.3 million from $49.1 million (≈+8.6%); SG&A increased to $57.1 million from $52.0 million (≈+9.8%), reflecting investments in marketing, education and international expansion.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Revenue Growth
Global net revenue of $84.1 million in Q2, up 21% year-over-year, driven by diversified portfolio performance.
Read all positive updates
Company Guidance
Evolus raised the lower end of its full‑year 2026 revenue guidance to $330.0 million while maintaining the upper end at $337.0 million (midpoint $333.5M), and increased its adjusted gross profit margin outlook to 67.0%–67.5%; it narrowed non‑GAAP operating expense guidance to $212M–$216M and reaffirmed a low‑to‑mid single‑digit adjusted EBITDA margin for 2026. The company pointed to strong first‑half execution (14% Y/Y revenue growth), Q2 net revenue of $84.1M (+21% Y/Y) with $75.2M in global toxin sales and $8.9M in HA gel sales, Q2 adjusted EBITDA of $4.7M (third consecutive quarter of positive adjusted EBITDA), reported gross margin of 68% (adjusted gross margin 69% benefited ~120 bps from a tariff refund), and Q2 non‑GAAP operating expense of $53.3M. Evolus ended the quarter with $45.2M of cash, access to $100M under its Pharmacon facility plus revolving credit capacity, expects Evolysse and international to each contribute >10% of 2026 revenue, and reiterated its 2028 target of $450M–$500M revenue with a 13%–15% adjusted EBITDA margin.Evolus Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
24
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 316.49M | 297.18M | 266.27M | 202.09M | 148.62M | 99.67M |
| Gross Profit | 209.67M | 192.76M | 182.30M | 140.53M | 89.77M | 56.14M |
| EBITDA | -10.23M | -22.53M | -25.00M | -41.81M | -53.85M | -39.06M |
| Net Income | -34.33M | -51.64M | -50.42M | -61.69M | -74.41M | -46.81M |
Balance Sheet | ||||||
| Total Assets | 248.02M | 225.87M | 232.57M | 189.00M | 177.98M | 257.48M |
| Cash, Cash Equivalents and Short-Term Investments | 45.17M | 53.83M | 86.95M | 62.84M | 53.92M | 146.26M |
| Total Debt | 164.80M | 155.00M | 129.98M | 126.55M | 74.42M | 74.74M |
| Total Liabilities | 278.93M | 248.97M | 227.05M | 209.69M | 159.48M | 175.61M |
| Stockholders Equity | -30.90M | -23.11M | 5.52M | -20.69M | 18.50M | 81.88M |
Cash Flow | ||||||
| Free Cash Flow | -20.17M | -50.72M | -19.47M | -35.63M | -87.85M | -34.36M |
| Operating Cash Flow | -15.38M | -42.27M | -18.00M | -34.01M | -84.91M | -33.39M |
| Investing Cash Flow | -6.51M | -8.45M | -4.82M | -1.63M | -2.94M | 4.03M |
| Financing Cash Flow | 5.56M | 17.34M | 47.41M | 44.64M | -4.15M | 73.05M |
Evolus Risk Analysis
Evolus disclosed 54 risk factors in its most recent earnings report. Evolus reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Evolus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $30.79M | -5.83 | -14.03% | ― | -21.12% | -109.07% | |
54 Neutral | $564.17M | -7.17 | 243.68% | ― | 22.56% | 5.86% | |
53 Neutral | $211.40M | -34.31 | -20.23% | ― | 20.89% | 40.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $236.76M | -2.20 | -24.23% | ― | 6.50% | -613.22% | |
50 Neutral | $551.52M | -16.20 | 123.11% | ― | 13.87% | 45.83% | |
50 Neutral | $247.14M | -1.48 | -35.91% | ― | -9.56% | -231.68% |
* Healthcare Sector Average
EOLS
Evolus
8.39
0.71
9.24%
EBS
Emergent Biosolutions
5.08
-4.15
-44.96%
RMTI
Rockwell Med
8.10
-3.30
-28.95%
ORGO
Organogenesis Holdings
1.80
-3.09
-63.19%
AQST
Aquestive Therapeutics
4.66
0.68
17.09%
DERM
Journey Medical Corp
7.75
0.28
3.75%
Evolus Corporate Events
Business Operations and StrategyProduct-Related Announcements
Evolus Expands Estyme Aesthetic Portfolio into New Markets
Positive
Aug 4, 2026
On August 3, 2026, Evolus Pharma B.V., a wholly owned subsidiary of Evolus, Inc., amended its licensing and distribution agreement with Symatese Aesthetics to add Canada, Australia and New Zealand to the territories covered. The deal gives Evolus ...
Business Operations and StrategyProduct-Related Announcements
Evolus Secures U.S. Profhilo Distribution Agreement
Positive
Jul 8, 2026
On July 7, 2026, Evolus entered an exclusive U.S. license, supply and distribution agreement with IBSA to develop, commercialize and distribute Profhilo, an injectable hyaluronic acid skin-quality treatment. Evolus will manage and fund all U.S. de...
Executive/Board ChangesShareholder Meetings
Evolus Shareholders Elect Directors and Ratify Key Proposals
Positive
Jun 12, 2026
At its Annual Meeting of Stockholders held on June 11, 2026, Evolus shareholders elected Brady Stewart and Vikram Malik as Class II directors to serve three-year terms ending with the 2029 annual meeting. The voting results showed strong, though u...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.